Gemini to Return More Than $1B to Earn Customers
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Cryptocurrency exchange Gemini, owned by the Winklevoss brothers, and the New York State Department of Financial Services (NYDFS) have reached a resolution in which Gemini will return at least $1.1 billion to Gemini Earn program customers through the Genesis bankruptcy process.

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In addition, Gemini will pay a $37 million fine for several defaults that could have jeopardized the company's stability, Superintendent Adrienne A. Harris said in a statement on February 28.

Pending bankruptcy court approval, Gemini expects Earn's users to receive their full crypto assets, with added appreciation. This could result in more than $1.8 billion, which is $700 million more than when Genesis suspended withdrawals on November 16, 2022.

Gemini anticipates that about 97% of the assets will be recoverable in the next two months. In addition, as part of the deal, Gemini has committed to contribute $40 million to Genesis Global Capital's (GGC) bankruptcy proceedings.

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